Once you have passed the Series 63 exam, you are already considered a limited registered representative. According to FINRA or the Financial Industry Regulatory Authority, all brokers who passed the said text are qualified to provide assistance to clients in selling and buying securities. Examples of these securities include bonds, corporate debt and as well as preferred stock.
Facts About Training for the Series 63 Licensing Exam
Before you jump into studying for the Series 63 exam, make sure you have the right plan. You'll find out exactly what you need to know before you take the Series 63 exam.
What is the Series 63 Exam?
The series 63 examination is considered as a very crucial step that aspiring brokers must face in order to create a career in the world of finance. Although there are also other exams that allow individuals to perform different things in the corporate world, the series 63 exam is recognized to be one of the most essential. In fact, some states in the US require this exam to be passed in order to work legally as a broker.
Ways to prepare for the Series 63
Preparing for the series 63 exam is not an easy thing to do. In fact, a n entire industry has been developed in providing Series 63 exam training. These days, there are already many books, CDs and other downloadable materials available that could individuals prepare for the said examination.
The test also covers a variety of subjects. A lot of these subjects deal with financial topics and as well as lessons in dealing with customers. Because of this, preparing for the exam is very difficult and time-consuming. Because of this, a lot of applicants always search for assistance prior to taking the test. This will help them train better for the exam, which increases their chances of passing.
More Facts about the Series 63 Exam Training
A good training for this examination needs to cover all the subjects and topics that are to be tackled in the actual test. This will also help prepare the applicant in taking the exam properly. In fact, having all the right knowledge about the securities and various regulations will not matter much if the applicant does not know how to take the test. Because of this, training will also cover some of the following procedures that test takers should learn as they sit for the series 63 exam.
Most trainers will definitely advice applicants to read a good book about the test and answer all the entailing practice questions. This will enable the test-taker to know more than just the subject matter. This will also help the applicants to answer all the questions in the desired format. It is necessary to check the answers immediately after completing a set of questions instead of waiting to finish all the items in the practice test. This will help the taker to confirm the knowledge and apply it quickly in order to reinforce the method of learning.
A large part of the test tackles about the area of registration and exemptions. It is very useful to memorize important terms and definitions in order to answer the test questions properly. There are also simple techniques or ways in order to memorize a certain topic. For example, the investment contracts under securities are greater in number compared to the non-securities. Because of this, it is strategic to memorize the non-securities first because in the end it will also help the applicant identify the other items as part of the securities.
Training sessions and reading will also help you in familiarizing all the number of questions that are assigned to each subject. This will help in the pacing of answering the exam. Because of this, examinees must pour in greater time to subjects that have a larger portion of study time.
• Do Careful Reading
It is definitely not a good experience for an applicant who has a lot of knowledge but fails the exam due to hurrying the test. This prevents the examinee to read carefully the questions and answer them with the right choices. Because of this possibility, it is very important for takers to use their time wisely especially in answering their examination. It is beneficial to read the question at least twice in order to determine the right answer that is being asked.
• Proper Timing
While answering the practice test, it is also useful to have a time limit. Examinees can use the actual time allotted for the exam in order to practice in answering the test within the given time frame. This will help prevent cramming especially during the exam period.
Breakdown of the Series 63
The entire exam is divided into four sections. The business practices section composes of 35% of the total number of questions. This is considered to be the largest area or coverage of the exam. The nest largest portion is the registration of persons, which takes up 30% of the entire examination items. The questions about securities have 25% and the concerns about administrative provisions takes up the smallest portion with only 10% of the exam.
Details about the Exam
The Series 63 exam lasts for approximately 1 hour and 15 minutes. Presently, the applicant is required to pay 95$ for the place and as well as the test taking facility to be used. Applying for this exam does not have any prerequisites. In fact, this exam can also be taken any day from Mondays to Saturdays. All in all, the exam has 65 questions. That is why in order for the applicant to pass, it is important to have a grade not less than 72%.